During a vote on Monday April 26, 2010, a financial reform bill, designed to create an overhaul that would regulate the financial industry with new consumer and capital rules, including derivatives, did not pass. The vote was 57-41 – just 3 short of the 60 that was needed to pass. If it had passed, it would have been the biggest financial reform seen since the Great Depression.
The bill would require derivatives to be traded on platforms such as public platforms, routed through clearinghouses, used to guarantee trades in case a party defaults.
The idea is to get away from “(the wrong) mentality of Wall Street which would put our whole banking system at risk,” says Sen. Richard Shelby.
It is obvious that some kind of significant reform needs to take place to prevent something like that economic downfall from happening again. However, getting the terms agreed to by the two major parties will be a challenge.